Wedbush Reaffirms “Neutral” Rating for PTC Therapeutics Inc. (PTCT)

Wedbush reaffirmed their neutral rating on shares of PTC Therapeutics Inc. (NASDAQ:PTCT) in a research note issued to investors on Friday. Wedbush currently has a $7.00 price objective on the biopharmaceutical company’s stock, down from their prior price objective of $12.00.

Several other research firms have also weighed in on PTCT. Bank of America Corp. reaffirmed a hold rating and issued a $15.00 target price on shares of PTC Therapeutics in a report on Monday, October 3rd. Zacks Investment Research lowered shares of PTC Therapeutics from a hold rating to a sell rating in a report on Tuesday, October 11th. Credit Suisse Group AG upped their price target on shares of PTC Therapeutics to $15.00 and gave the stock a neutral rating in a research report on Tuesday, October 11th. Jefferies Group reiterated a hold rating and set a $7.00 price target on shares of PTC Therapeutics in a research report on Thursday, September 22nd. Finally, Citigroup Inc. upped their price target on shares of PTC Therapeutics from $8.00 to $9.00 and gave the stock a neutral rating in a research report on Monday, August 8th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $31.12.

PTC Therapeutics (NASDAQ:PTCT) opened at 12.07 on Friday. The stock’s market capitalization is $412.37 million. The stock has a 50 day moving average of $9.40 and a 200 day moving average of $8.09. PTC Therapeutics has a 52-week low of $4.03 and a 52-week high of $35.40.

PTC Therapeutics (NASDAQ:PTCT) last posted its earnings results on Wednesday, November 2nd. The biopharmaceutical company reported ($1.03) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($1.22) by $0.19. PTC Therapeutics had a negative net margin of 236.68% and a negative return on equity of 90.33%. The business had revenue of $23 million for the quarter, compared to analyst estimates of $19.76 million. During the same quarter in the prior year, the firm earned ($1.27) EPS. The firm’s quarterly revenue was up 135.1% compared to the same quarter last year. On average, equities research analysts forecast that PTC Therapeutics will post ($4.42) EPS for the current year.

Hedge funds have recently made changes to their positions in the stock. Barclays PLC increased its stake in shares of PTC Therapeutics by 1.6% in the second quarter. Barclays PLC now owns 14,804 shares of the biopharmaceutical company’s stock worth $103,000 after buying an additional 238 shares in the last quarter. Canada Pension Plan Investment Board purchased a new stake in shares of PTC Therapeutics during the third quarter worth $140,000. State Board of Administration of Florida Retirement System increased its stake in shares of PTC Therapeutics by 2.1% in the second quarter. State Board of Administration of Florida Retirement System now owns 20,974 shares of the biopharmaceutical company’s stock worth $147,000 after buying an additional 436 shares in the last quarter. Commerzbank Aktiengesellschaft FI purchased a new stake in shares of PTC Therapeutics during the second quarter worth $158,000. Finally, First Trust Advisors LP purchased a new stake in shares of PTC Therapeutics during the third quarter worth $188,000. Institutional investors and hedge funds own 83.47% of the company’s stock.

About PTC Therapeutics

PTC Therapeutics, Inc is a biopharmaceutical company focused on the discovery, development and commercialization of orally administered, small molecule therapeutics that focus on post-transcriptional control processes. The Company’s lead product, Translarna (ataluren), is used for the treatment of nonsense mutation Duchenne muscular dystrophy (nmDMD) in ambulatory patients with age of over five years and older.